Ardova Completes 100% Acquisition of Enyo

Ardova Plc (AP),a leading Nigerian integrated energy company, yesterday announced the acquisition of Enyo Retail & Supply Limited. The deal is the actualisation of Ardova’s initial notice in January 2021 of an agreement in principle with Enyo’s shareholders to acquire the business. Ardova said in a statement that the acquisition has made it Nigeria’s largest indigenous publicly listed downstream company, as it adds Enyo’s 95 retail stations to its existing 450 stations, growing the group’s portfolio to 545 stations nationwide.

Commenting, Chairman, Ardova, AbdulWasiu Sowami, said: “Ardova has an established heritage of being a fundamental part of Nigeria’s downstream energy infrastructure.

“In the past two years, we have undertaken a transformation to an integrated energy company that is primed to be the market leader in meeting present fuels demands and future energy needsthat will result from theimminent energy transition. By acquiring Enyo we are able to accelerate the pace of achieving these objectives,” he said.

Also commenting, Chief Executive Officer (CEO) of Ardova, Olumide Adeosun,

Said: “The addition of Enyo to the Ardova group fits into our expansion strategy to have the widest retail reach in the Nigerian downstream sector.

The deal brings us closer to more customers and improves our capacity to distribute increased product volume through company owned channels, thereby improving profitability in our supply chain. It also provides the platform to increase our non-fuel revenue through the sales of products such as AP and Shell branded lubricants, LPG and renewable energy solutionsthat will be channelled through the group-owned retail outlets.”

Speaking on the impact of the deal on customers, Adeosun noted that this is a deal that will be of utmost benefit to customers as the synergy of AP and Enyo’s shared principles of innovation, customer-centricity, and service excellence will be leveraged to build an unrivalled platform that layers Enyo’s customer focused digital technology expertise on AP’s strong supply backbone infrastructure in the delivery of star service in our forecourts.

In his comments, Enyo’s Chairman, Mr. Tunde Folawiyo, thanked the company’s board and employees for delivering on the company’s vision through impactful service to the public saying ‘’God’s grace and the hard work from our board members and staff are core to our achievements at Enyo and have brought us this far. The collective efforts of AP and Enyo heralds the beginning of an exciting journey for the downstream sector.”

The CEO of Enyo Abayomi Awobokun said: “We are as excited as our shareholders and partners to be part of this acquisition. Enyo has always been known for operational efficiency and good service delivery to its customers. The acquisition by AP will ensure we are re-energised for better service and enhance our capacity to reach more consumers across the country. This venture will positively impact the Nigerian downstream Oil and Gas industry and be a major tool in driving sectoral growth and national development. We look forward to the many opportunities that will come from this journey’’.

With the completion of this deal, Enyo also joins Axles and Cartage Limited as part of AP’s group of companies.